Accounts reveal details of Pompey’s financial plunge

PORTSMOUTH’S administrators have revealed in intricate detail how the club’s debts plunged to an incredible €137million.

A 70-page document sent to all the club’s known creditors accounts for every penny that Portsmouth owe – from the €16m owed to previous owner Balram Chainrai down to the £1 claimed by Harley Street cancer clinic 108 Medical Ltd.

Portsmouth are owed a total of €16m from Inter, Liverpool and Spurs for the sales of Sulley Muntari, Glen Johnson and Jermain Defoe.

But that money only knocks the stricken club’s gross debt down to around €120.7m, which is substantially more than the administrators had originally expected.

The accounts reveal how the club were being crippled by €19.8m in outstanding transfer fees. When Portsmouth went into administration, French club Rennes were receiving over €724,000 a month for John Utaka, Udinese were being paid up to €920,000 a month for Muntari, while Portsmouth still owe Chelsea money for Johnson, who was sold to Liverpool in the summer.

Portsmouth owe €11.2m to 26 agents, including €2.64m which is due to one agent for just one deal, reported to be the transfer of Lassana Diarra. Nine players – including Muntari, Sol Campbell and Niko Kranjcar who are all no longer at the club – are owed a combined total of €3.5m in image rights.

Portsmouth also owe bonus payments to 28 players, including England internationals Peter Crouch and David James, totalling €2.13m.

The biggest single amount of money Portsmouth owe is the €44m of unsecured loans to former owners, with Alexandre Gaydamak the main claimant though Sulaiman al-Fahim is owed €5.74m.

Chainrai, the fourth and final owner of a turbulent season at Fratton Park, is owed €16m in a secured loan. Portsmouth also owe British Revenue and Customs €19.65m in PAYE, VAT and National Insurance.